Texas Insurance Code 3502.003 – Mortgage Guaranty Insurance Defined
Terms Used In Texas Insurance Code 3502.003
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
In this chapter, “mortgage guaranty insurance” means insurance against:
(1) financial loss because of nonpayment of principal, interest, and other amounts agreed to be paid under the terms of a note, bond, or other evidence of indebtedness that is secured by an authorized real estate security, provided the improvement on the real estate is:
(A) one or more residential buildings designed to be occupied by not more than four families;
(B) a condominium unit; or
(C) one or more buildings designed to be occupied by five or more families or for industrial or commercial purposes; or
(2) financial loss because of nonpayment of rent and other amounts agreed to be paid under the terms of a written lease for the possession, use, or occupancy of real estate, provided the improvement on the real estate is one or more buildings designed to be occupied for industrial or commercial purposes.